A resident director or a nominee director in Singapore must abide by the general law prevailed in the country and also adhere allegiance to the Companies Act of Singapore. The board of directors exercise most of the power and they have tight control in the day to day affairs of the company. This makes them collectively responsible for the company's shareholders.Duties as a Trustee
As per rule, the directors have a certain obligation towards the companies and should maintain honesty and sincerity while exercising their authorities. If ever a director holds any personal interest which interferes with his duties as a trustee he should discuss this with the company and must seek approval for the same.
Statutory Official Records
All the companies are legally bound to keep an official record of the members and must maintain a copy of the statutory books at its registered office or any other place approved by the Accounting and Corporate Regulatory Authority (ACRA). Additional they must maintain the minutes of directors meeting form and the shareholder's meetings. Among these two, the members can inspect only the shareholders' meeting.
Statutory Filings
This includes the compulsory filing of information about financial and non-financial matters of the company to the government agencies. Any changes introduced in the certain statutory matters, for example, the change of office address, a new appointment or resignation related matters or allocation of shares, etc must be duly informed with the ACRA in the manner as prescribed in the Companies Act.
Financial records
The company directors and managers are required to maintain proper records of all transactions and financial details of the company. These records contain the details of all receipts and payments issued within the specified time, details of sale purchase activities, company's assets and liabilities and records of annual stocktaking if the company deals in goods.
These records should be kept at the company's registered office or any other place decided by the directors. According to the companies act, these records should be maintained for seven years.
Annual accounts
The directors are entrusted with the responsibility of maintaining profit and loss accounts and balance sheets along with notes stating a true and fair analysis of the company details at the end of the financial year. These reports prepared by the directors must get approval from the board and should be signed by two directors.
Shareholder's meeting
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